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Strategies & Market Trends : John Pitera's Market Laboratory
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To: estatemakr who wrote (8496)12/4/2007 2:41:35 PM
From: The Ox  Read Replies (1) of 33421
 
I don't agree with your analogy about the ice cream shop. If the ice cream shop's sales staff encouraged every overweight person who entered their establishment to buy the 7 scoop sundae because "it's heart healthy food and it tastes good, too", then this would be closer to the way the mortgage industry sold ARMs and no money down-interest only packages to under qualified JSPs.

My point was that BOTH sides need to take responsibility for their actions. To place the blame only at the foot of JSPs, without including the mortgage and banking industry as complicit, would be wrong, IMO. This was a scam and it makes some sense that both the "scammers" and the "scammees" share some of the pain. Plenty of scammees will lose their homes but some of the scammers should be made to assist those who can potentially make it through the worst without losing their homes.

At a time when interest rates were the lowest in decades, the mortgage and banking industry significantly lowered (or all together dropped) their fiduciary responsibilities.

You write about responsibility and restraint, yet you seem to be applying these values only to individuals (or 1/2 of the transaction). You appear to give carte blanche to the mortgage industry's scam and place the blame solely on the JSPs of the world. I suggest that both sides need to bear equal responsibility and, therefore, the mortgage industry should take the lead in assisting those who can (and should) survive.
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